Ernst & Young: Financial firms to launch their own DeFi apps

By the end of 2021, at least one financial institution will launch its own DeFi platform for its clients. This view was expressed by EY’s chief forecaster Paul Brody in a comment to CoinDesk

According to him, EY is in regular contact with a variety of banks and large corporations. They see potential in decentralized finance and are showing interest in the sector. Brody believes DeFi apps could be launched by, for example, PayPal or Robinhood.

“This will be one of the next-generation application services that integrate DeFi and traditional transactions into a single interface. In one app, clients will have cryptocurrencies, bank deposits, and the ability to buy stocks and exchange-traded products,” said an EY spokesperson.

Brody noted that the adoption of DeFi by major financial institutions is facilitated by the development of smart contracts and the emergence of regulated stablecoins. In his words, the appeal of the platform lies not in volatility but in the ability to automatically earn passive income.

In 2020, the total value of transactions in decentralized applications rose by 1200%.

Subscribe to ForkLog News on Telegram: ForkLog Feed — the full feed of news, ForkLog — the most important news and polls.